Why Have Workers Stopped Joining Unions?

This paper tracks the rise in the percentage of employees who have never become union members (¿nevermembers¿) since the early 1980s and shows that it is the reduced likelihood of ever becoming a member rather than the haemorrhaging of existing members which is behind the decline in overall union membership in Britain. We estimate the determinants of ¿never-membership¿ and consider how much of the rise can be explained by structural change in the labour market and how much by change in preferences among employees. We find a similar trend in the unionised sector, indicating that the rise in never-membership for the economy as a whole is not linked solely to a decline in the number of recognised workplaces.Union membership

The relative importance of individual, job-related and organisational characteristics in explaining differences in earnings.

Abstract: This paper focuses on a number of key research questions: (1) What is the relative importance of individual, job-related and organizational characteristics in explaining differences in earnings? (2) Do job characteristics such as hierarchical level and functional domain exercise a significant influence on pay differentials if we control for the traditional human capital factors? (3) Do organizational characteristics such as size and the sector in which the company is active exercise a significant influence on pay differentials if we control for the traditional human capital factors and job-related pay determinants? In order to assess the relative importance of these pay determinants, use is made of linear regression and analysis of variance. The analysis draws on data from the Salary Survey, which generated pay details for a total of more than 15,000 Belgian white-collar workers. Based on the analysis, we come to the conclusion that the five main determinants, in order of importance, are number of years' work experience; level of education; hierarchical level; sector of employment; and the nationality of the parent company. A further striking feature is that more than 50% of the total explained variance can be attributed to the three features which receive a great deal of attention in traditional human capital approaches to pay differentials: level of education, work experience and gender.Implications; Characteristics;

Monetary integration and real estate markets: an investigation of the impact of the introduction of a single currency on real estate performance

This paper assesses the impact of the monetary integration on different types of stock returns in Europe. In order to isolate European factors, the impact of global equity integration and small cap factors are investigated. European countries are sub-divided according to the process of monetary convergence. Analysis shows that national equity indices are strongly influenced by global market movements, with a European stock factor providing additional explanatory power. The global and European factors explain small cap and real estate stocks much less well –suggesting an increased importance of ‘local’ drivers. For real estate, there are notable differences between core and non-core countries. Core European countries exhibit convergence – a convergence to a European rather than a global factor. The non-core countries do not seem to exhibit common trends or movements. For the non-core countries, monetary integration has been associated with increased dispersion of returns, lower correlation and lower explanatory power of a European factor. It is concluded that this may be explained by divergence in underlying macro-economic drivers between core and non-core countries in the post-Euro period

Accounting for Real Exchange Rates Using Micro-data

The classical dichotomy predicts that all of the time series variance in the aggregate real exchange rate is accounted for by non-traded goods in the CPI basket because traded goods obey the Law of One Price. In stark contrast, Engel (1999) found that traded goods had comparable volatility to the aggregate real exchange rate. Our work reconciles these two views by successfully applying the classical dichotomy at the level of intermediate inputs into the production of final goods using highly disaggregated retail price data. Since the typical good found in the CPI basket is about equal parts traded and non-traded inputs, we conclude that the classical dichotomy applied to intermediate inputs restores its conceptual value.